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AAP
AAP
Jacob Shteyman

Rate cut hopes dim as power bill shock sparks inflation

Inflation the Reserve Bank Interest Rates JP Morgan RBA SEEK
A July surge in power bills has swollen an inflation reading for the month. (Julian Smith/AAP PHOTOS)

A shock jump in inflation has wrong-footed economists while diminishing hopes of more Reserve Bank interest rate cuts.

The monthly consumer price index rose from 1.9 per cent to 2.8 per cent as electricity prices surged 13 per cent in one month, the Australian Bureau of Statistics reported on Wednesday.

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